#federal-refunds

#federal-refunds

Preparing and submitting individual income tax returns costs taxpayers more than $91 billion a year, nearly half of which represents the opportunity cost of lost hours spent on tax compliance.

Trillions flow into the United States government on Tax Day, yet a significant share is directed toward war and defense contractors, rather than essential services.

"During COVID, we learned that it is far too easy to commit fraud in federal programs. We also learned that once the money goes out the door to a fraudster, the vast majority is gone for good."

"I was thinking, well, it's a little inconsistent for me to refuse induction, refuse to go into the military, yet pay taxes that would fund other people to go into the military," the 81-year-old told Fortune.

The Department of Education's failure to properly process discharge applications from vulnerable and sick borrowers is reprehensible. We are simply asking the Department to review their applications on the merits, as is their right.

"This administration has ground fair housing enforcement to a halt. Worse, they're picking and choosing which protected classes count."

The insights from this report help us think about potential gaps in the loss mitigation waterfall and the types of homeowners who may benefit from targeted support when they experience a crisis.

An update to the tax code will enable some car buyers to write off their monthly payments on their taxes this year, with significant caveats for eligibility.

With roughly nine million student borrowers in default, the Treasury Department will "assume operational responsibility for collecting" on those loans, the Education Department announced Thursday. The move is ED's latest effort to render itself obsolete as part of the Trump administration's plan to eliminate the department. This is the 10th interagency agreement it has signed to share with or spin off functions to other federal agencies.

Under current law, bitcoin is treated as property, which means every purchase with the asset triggers a capital gains calculation, regardless of transaction size. BPI argues that this framework discourages routine payments, such as buying coffee or sending small remittances, because users must track cost basis and report minor gains and losses.

As the Federal student aid portfolio soars to nearly $1.7 trillion and with nearly a quarter of student loan borrowers in default, Americans know that the Department of Education has failed to effectively manage and deliver these critical programs. By leveraging Treasury's world-renowned expertise in finance and economic policy, we are confident that American students, borrowers, and taxpayers will finally have functioning programs after decades of mismanagement.

Days before the 2026 tax filing season begins, the head of the IRS announced a shake-up Tuesday, saying the personnel and operational changes are intended to improve taxpayer service and modernize the agency. The timing of the announcement coincides with a critical moment for the agency, as the IRS prepares to process millions of tax returns while simultaneously implementing major tax law changes under the tax and spending package President Donald Trump signed into law last summer.